Dogecoin price has surged by more than 30 per cent in the past 24 hours. In today’s trading session, the prices also look poised to continue with yesterday’s bullish move. In yesterday’s trading session, when the news of Elon Musk’s successful Twitter buyout was reported, the cryptocurrency jumped as much as 27 per cent.
However, by the end of the trading session, the surge had cooled off, and the Dogecoin prices ended at 19 per cent up. The purchase of Twitter by Elon Musk was very significant to Dogecoin, which was originally developed as a meme coin in 2013. After gaining traction last year, this is partly due to Musk’s endorsement of the cryptocurrency.
There were even talks of Dogecoin being used to purchase Tesla, which Elon Musk runs. The constant endorsement by Elon Musk became a market mover that saw the cryptocurrency start to surge in 2021. Since then, Dogecoin has gained traction for wider use. Companies such as AMC are already using the cryptocurrency to pay for services they offer.
The Twitter purchase also moved the market because of Elon Musk’s previous comments. During the earlier stages of the buyout, Elon Musk had indicated the possibility of Twitter using Dogecoin for payment. Although many people are still not sure whether he will follow through with the plan, the announcement is a beaming hope for the widespread use of Dogecoin. If Elon Musk decides to use Dogecoin in Future Twitter projects, we will likely see the crypto continue to surge.
Dogecoin Price Prediction
Looking at the daily chart below, we can see the last two trading session candle sticks having an aggressive bullish move. The bullish move is a result of fundamental market factors that have moved the markets in the past 24 hours. However, these fundamentals are majorly long-term, and hence there is a high likelihood of the bullish trend continuing.
Therefore, my Dogecoin price prediction is it is likely to trade above the $0.2 price level soon. This is based on a combination of the recent fundamentals and the current aggressive bullish move. I expect the trend to also continue in the next coming days. There is also a high likelihood that the prices could go as far as trading above $0.3.
Dogecoin Daily Chart
